Abstract

It is not only economics that needs to regain a sense of history but also much of social science. Like economists social scientists need to liberate themselves from a Newtonian clockwork view of the world, and from a view of social reality as an emanation and arbitrary illustration of universal laws governing social life in general. Social science needs a renewed awareness of its origins in a systematic theory of historical social development and evolution, of endogenous social dynamics, and of directionality of social and institutional change, especially in contemporary capitalism, free from historical teleology and economic determinism.